Saietta Group, a leading electric-drive company in the U.K., has announced that it expects to report a widened pretax loss for fiscal 2023. Despite a substantial jump in turnover, the company was adversely affected by write-downs and discontinued activities.
For the year ended on March 31, Saietta Group reported a pretax loss of £23.8 million ($29.1 million), compared to a loss of £11.3 million in fiscal 2022. Notably, the company incurred a loss of £6.4 million from discontinued activities.
The adjusted loss before interest, taxes, depreciation, and amortization, which factors out exceptional and other one-off items, totaled £9.9 million, as opposed to £4.4 million in the previous fiscal year.
However, despite these financial challenges, Saietta Group witnessed significant growth in turnover, with a remarkable 40% increase to £6.0 million. Additionally, gross profit rose by 35% to reach £2.3 million.
Strategic Shift towards Electric Vehicle Components
Saietta Group is actively diversifying its focus towards electric vehicle components manufacturing. Over the next few weeks, the company plans to unveil production contracts and provide updates on specific developments in this domain.